There is a quite difference between Local vs Global Termsets for Managed Meta Data Service in SP 2010.
global term sets
When you create a term set from the MMS management interface via Central Administration (CA) it is available to all site collections living in Web applications that are connected via a service application proxy to the MMS instance. We refer to these as global term sets because they are available to all sites & site collections that are connected to the MMS
local term sets
These are different in that they are scoped locally to a specific site collection and can only be used by that site collection, not by other site collections.Local term sets come in handy when site collection owners want to create their own term sets without having to work with librarians. These can be managed from a link in the site collection's Site Settings page or when you modify a column.
Note: There are disadvantages when you use local tem sets, when it comes to portability & DR (back/restore) senarios these term sets are not friendly.
global term sets
When you create a term set from the MMS management interface via Central Administration (CA) it is available to all site collections living in Web applications that are connected via a service application proxy to the MMS instance. We refer to these as global term sets because they are available to all sites & site collections that are connected to the MMS
local term sets
These are different in that they are scoped locally to a specific site collection and can only be used by that site collection, not by other site collections.Local term sets come in handy when site collection owners want to create their own term sets without having to work with librarians. These can be managed from a link in the site collection's Site Settings page or when you modify a column.
Note: There are disadvantages when you use local tem sets, when it comes to portability & DR (back/restore) senarios these term sets are not friendly.
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